South Africa's Muted Response to the Global Crisis

People the world over are facing an economic crisis unseen since the Great Depression of the 1930's. Despite the talk of "green shoots" and the emergence of the United States of America (US), Germany, France and others from recession, this "recovery" (if one can all it that), is extremely fragile. Witness the scare of Dubai World defaulting, and at some stage the costs of some US$14 trillion dollars will have to be carried somewhere.

The long wave of decline in capitalist accumulation that began in the 1970's is reasserting itself after the stock exchange bubbles of the 1990s and early 2000s. Major states have tried everything from cutting interest rates to (almost) zero, to partial nationalisation, to buying the debt of corporations, to printing money (also known as quantitative easing).    

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